UK entrepreneurs flex their muscles in global showcase

Tomorrow is the start of the
fourth Global Entrepreneurship
Week and the theme this year is
‘Pass it On!’ – with the focus on
encouraging people to think
about starting a business and
helping them access the
necessary tools – from advice
to contacts and funding. We look
at businesses doing just that.

More than 2,500 events will be
held in 115 countries this week as
part of the campaign to promote
entrepreneurship.

In the UK alone there will be
hundreds of events, ranging from
conferences to workshops, competitions
and networking events.
Business Minister Michael Fallon
will spearhead the launch of the
week tomorrow, while entrepreneurs
involved include Doug
Richard, who is a former judge on
Dragons’ Den.

Strong idea: FIG helped Douglas Higgins of MuJo Mechanics raise funds

Last year more than 900 partner
organisations were involved in
the UK week and even more are
expected to be involved this year,
with more than 200,000 people
receiving help and advice.

The latest figures show there
are now 4.7 million small and
medium-sized businesses in the
UK, employing more than 60 per
cent of the workforce and contributing
almost half of all Britain’s
turnover.

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Yet while more than half of the
population say they would like to
start their own business, less than
five per cent actually do.

Encouraging more people to
start their own business could
dramatically reduce unemployment
levels while speeding up the
UK’s economic recovery.

Entrepreneur James King is
keen to encourage people to start
and grow their own businesses –
graduates in particular.

Three years ago, James, 27, set
up Find Invest Grow (FIG) along
with co-founders Marco Geninazza, Mark Hannington and
James Herbert. The idea behind
FIG is to provide graduates with
strong business ideas and an
entrepreneurial streak, with
equity funding to develop a successful
business.

FIG has arranged investment
totalling £3.7 million for 12 graduate
start-ups, with individual
investments ranging from
£250,000 to £400,000.

James says: ‘We have a network
of 260 investors we can turn to
for funding. We are looking for
entrepreneurial individuals who
have done lots of research and
are committed.

‘However, we work very closely
with graduates because a big
part of our job is getting them
ready for investment, for example,
putting lawyers and accountants
in place.’

FIG takes equity of five per
cent in firms it finds investment
for and does not ask for any cash
up front.

One business FIG has just
found investment for is MuJo
(Multiple Joint) Mechanics. It
was set up by engineering graduate
Douglas Higgins alongside
co-founder James King, after he
realised that traditional gym
machines don’t move your muscles
equally, leading to possible
strains.

So Douglas, 30, designed a prototype
range of fitness equipment
that loads multiple joints in a
single exercise, meaning users
don’t have to move from machine
to machine.

Two years ago the pair engaged
FIG to help them raise funding
and have subsequently received
investment of £400,000.

The first 30 units are in production
and the machines will be
rolled out in a number of gym
chains shortly. The equipment has also been
welcomed by medical specialists
who are keen to use it in physical
rehabilitation.

Douglas says: ‘FIG has helped
us to develop this from an idea
into a strong business with huge
potential for growth.

‘We are getting lots of interest
from gyms but also from physical
rehab centres and we even
have a Harley Street doctor on
our board thanks to the connections
of FIG. We are also now
talking to distributors in the US.’

- For full details of events going
on throughout the UK this week,
go to geworg.uk.